GENEVA – Swiss bank UBS has agreed to pay 1.4 billion Swiss francs (US$ 1.53 billion) in fines to resolve investigations that it helped manipulate the benchmark LIBOR interest rate.
UBS announced Wednesday that its board of directors has authorized settlements with U.S., Swiss and British financial regulatory agencies.
Switzerland's largest bank is one of several leading banks under investigation over the possible manipulation of the LIBOR rate, short for London interbank offered rate. The LIBOR rate is used to set the interest rates on trillions of dollars in contracts around the world, including mortgages and credit cards.
In a proposed agreement with the U.S. Department of Justice, UBS has agreed to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates.